Thai Airways Q2 losses double
Thai Airways International’s second-quarter loss dramatically widened two-fold as the strength of the Thai Baht takes a toll on its bottom line.
The national carrier is also facing intense competition particularly on short and medium haul routes from budget competitors.
Second quarter net loss was THB6.88 billion, compared with just 3.1 billion a year ago.
It says revenue was down 10%, as total operating expenses fell marginally on lower fuel prices.
The Thai Baht has gained 8% on the US dollar in the past year and is starting to hurt the tourism industry as a whole.
"The baht appreciation greatly affected the Thai tourism situation," the company said in its stock exchange filing.
Thailand’s new transport minister Saksiam Chidchob has voiced support for the airline’s plan to refresh its ageing fleet with new aircraft.
However, airline president Sumeth Damrongachaitham says a major restructuring is needed to achieve profitability.
An advisory team was recently established to look at revamping flight schedules and secure closer cooperation with other Thai carriers and Star Alliance airline partners.
The advisory team will report in about a month’s time with a proposal to best optimise its flight schedules for 2020 and beyond.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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